“I think moats are lame,” Musk told analysts on Tesla’s first-quarter earnings call Wednesday. “They are like nice in a sort of quaint, vestigial way. If your o

“I think moats are lame,” Musk told analysts on Tesla’s first-quarter earnings call Wednesday. “They are like nice in a sort of quaint, vestigial way. If your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation, that is the fundamental determinant of competitiveness.”